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Speaking to SMSF Adviser, Reece Agland, principal of Reece Agland and Associates, said the government has gone “a lot further” than anyone expected, and suggested this will have a knock-on effect.

“Most of the opportunities to maximise returns from super will go if these measures pass,” he said.

“This will likely impact the growth of SMSFs – expect a big fall in new SMSFs,” he added.

Michael Hutton, wealth management partner at HLB Mann Judd in Sydney, similarly said the changes announced in the budget make superannuation less attractive as an investment vehicle.

“The $500,000 lifetime limit on non-concessional superannuation contributions is a massive change on the current allowable amount of $180,000 a year. This will severely inhibit middle-income earners who receive an inheritance or sell an asset.

“The fact that these changes apply from budget night and dates back to 1 July 2007 is unprecedented. People looking to make a large non-concessional contribution sometime soon have been blindsided.”

Mr Hutton tipped a rise in the popularity of family trusts as an alternative wealth creation and protection vehicle.

“With the rise in popularity of SMSFs in recent times, there has been a tendency for family trusts to be overlooked as a way of managing wealth,” he said.

“Yet family trusts have a number of advantages over SMSFs – and these advantages have increased with the budget changes – meaning they are a vehicle that may now make even more sense to manage family wealth.”